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Brent Oil Rises Past $40 With OPEC+ Cut Extension Looking Likely

  • Russia said to agree to one-month elongation of agreement
  • Brent futures rise around 2% after closing up 3.3% on Tuesday
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Brent oil rose above $40 a barrel for the first time in almost three months on signs that OPEC+ producers are close to agreeing on a short extension of their historic deal to cut output.

Futures in London climbed around 2% after closing at their highest level since March 6, the day the OPEC+ alliance broke down. Russia and several other nations in the group favor extending the production cuts that are set to ease from July by one month, according to people familiar with the situation. That’s within the range of Saudi Arabia’s call for a one to three-month elongation.